Vietnam's new asset management company, is finding it hard put to find investors to whom it can resell the bad debts that it buys from the ailing banking industry.Very few local investors have the financial capacity needed to buy such debts and prospective foreign buyers are concerned about vague policies that could weaken their investment.The Vietnam Asset Management Company (VAMC) has thus far bought USD 6.5 trillion (US $ 309.5 million) worth of bad debts that have book value of USD 7.8 trillion, from eight domestic joint stock banks.Run by the central bank, the company opened in July as the government aimed to restructure bad debts that have crimped lending and further slowed the economy, which is facing its most severe slump in at least a decade. Lenders with bad debts of three percent or more are required to sell them to VAMC.Economist Nguyen Tri Hieu said: "In theory, foreign investors are interested in Vietnam's bad debt market, as it has not yet been tapped. However, they will not participate now due to the lack of regulations on bad debt trading procedures, and the settlement of secured assets. " Another barrier to foreign investors is that foreigners are not allowed to own land in Vietnam. The regulation hinders them from getting mortgaged assets, mainly properties, when buying bad debts, Hieu said.
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